RIOT Form 4: Jason Les Disposes Shares Under 10b5-1 Plan at ~$20.04
Rhea-AI Filing Summary
Jason Les, listed as CEO and a director of Riot Platforms, Inc. (RIOT), reported insider sales on a Form 4. The filing shows sales effected on 09/24/2025 under a Rule 10b5-1 trading plan adopted on 09/10/2024. The report lists a weighted average sale price of $20.04 per share (sales prices ranged $20.00–$20.10) and states the Reporting Person beneficially owns 896,659 shares indirectly through a trust. The Form is signed by an attorney-in-fact on 09/26/2025. The filing includes an explanatory footnote that full transaction detail will be provided upon request.
Positive
- Sale executed under a Rule 10b5-1 trading plan, indicating a pre-established, compliant process
- Weighted average price disclosed ($20.04) with explicit price range ($20.00–$20.10), improving transparency
- Indirect beneficial ownership disclosed (896,659 shares held in trust), providing clarity on continuing holdings
Negative
- Insider disposals reported, which may reduce insider-held stake (sales of shares on 09/24/2025)
- Full transaction-level details not included in the Form; available only upon request, limiting immediate transparency
Insights
TL;DR: Insider sales were executed under a pre-established 10b5-1 plan; the filing discloses weighted-average sale pricing and remaining indirect ownership.
The Form 4 documents disposals executed on 09/24/2025 pursuant to a Rule 10b5-1 plan adopted 09/10/2024, with a reported weighted average sale price of $20.04 and price range $20.00–$20.10. The report shows the reporting person retains indirect beneficial ownership of 896,659 shares held in trust. The filing follows standard disclosure practice by noting availability of full transaction-level details upon request. From an equity-monitoring perspective, this is a routine scheduled sale under a trading plan rather than an ad-hoc disposition.
TL;DR: Governance procedures appear followed: sale via 10b5-1 plan and disclosure of trust ownership; no additional governance issues disclosed.
The Form 4 identifies Jason Les as both CEO and a director and indicates the sales were made pursuant to a documented 10b5-1 trading plan, which is a common governance mechanism to mitigate insider trading concerns. The filing discloses indirect ownership through a trust and commits to provide transaction specifics on request. There are no statements in the filing indicating amendments, special waivers, or unusual transfer mechanisms.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 23,252 | $20.04 | $466K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2024. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $20.00 to $20.10, inclusive, per share. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected. Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021.
